Tauriga Sciences Inc (OTCMKTS:TAUG) shares were down 2.86% on Tuesday to $0.00680 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $11.89 million at 1.56 billion shares outstanding.
Tauriga Sciences Inc is a diversified company that is focused on the development of technology platform in the nano-robotics space and is engaged in acquiring and building a portfolio of technology assets. Last month, the company filed its Quarterly Report on Form 10-Q for the period ended June 30, 2016, which is its first fiscal quarter and has been able to file its Quarterly Report for the period ended September 30, 2016. It expects to be able to file its next earnings report in a timely manner, making its reports current and its stock ready for uplisting.
With this development, Tauriga Sciences Inc has stopped accumulating additional liquidated damages arising from the July 31, 2015 delisting. The company also believes being current in its filings with the SEC will aid in financing activities, which would be a positive development for its shareholders. It can also be able to pursue its plans to fund its new business initiative in the natural wellness space and well as potential acquisition opportunities that had been previously impractical to contemplate.
Tauriga Sciences has clearly understood for the past 18 months the importance of becoming current with its periodic SEC reports. This has posed a substantial handicap to the Company with respect to its efforts to restore and create shareholder value. At this time, the Company can now re-focus its efforts on funding operations, winning the lawsuit, and progressing towards the point at which it can hopefully generate meaningful revenue,” remarked its CEO Seth Shaw. “The Company wishes to thank all of its shareholders for the support it has received under circumstances that were both difficult and undeserved.”
For now, Tauriga Sciences Inc still has ongoing litigation against Cowan Gunteski and continues to progress towards its goal of trying the case in front of a jury in Federal District Court New Jersey. It is working on compiling its expert reports to help quantify both direct and collateral damages suffered by shareholders and remains confident on the strength of its case as well as the evidentiary records and expects that it will seek at trial, monetary damages that exceed $4,000,000.
Recall that Tauriga Sciences Inc asserts that the delay in its filings and the resulting delisting was due to malpractice by Cowan Gunteski Cowan Gunteski & Co. P.A. and Guntenski’s subsequent conduct. In the next few months, the company will also be working with OTC MARKETS concerning the uplisting of its shares from OTC PINK Limited Information Tier to the OTCQB upon the Company filing its Second Quarter Report status. If uplisting is completed, the company stock could enjoy stronger liquidity and investor interest, possibly yielding more gains.
As it is, Tauriga Sciences Inc shares are still stuck in consolidation, waiting for a stronger catalyst before breaking higher, possibly making a test of the $0.01 level sooner or later. Volume is slowly picking up to reflect a return in investor interest as the company developments unfold.
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